§ 6516 — Grants or loans from federal, state or interstate agencies

The county government may accept grants or loans of money, labor, materials, equipment or technical assistance from agencies of the federal or state government or from interstate agencies to accomplish the purposes of this chapter. The county government may issue bonds to evidence loans made by an agency of the federal government, at private sale, providing those bonds bear interest at no more than 5% per annum and are issued for a term not exceeding 40 years from the date of the bonds. The county government may pledge its taxing power to the payment of the bonds without limitation as to rate or amount and the bonds may be payable at a place approved by the agency making the loan. Bonds issued pursuant to this section shall not be subject to § 6102 of this title, as amended.

Legislative History

9 Del. C. 1953, § 6516; 55 Del. Laws, c. 262 ; 57 Del. Laws, c. 762, § 8A ; 63 Del. Laws, c. 128, § 1 ; 63 Del. Laws, c. 451, § 1